SPY dropping down low

SPY got hit bad last week, probably a small 3-5% upward bounce somewhere but I don't see it consolidating at these levels just struggling and going down to about 255 would be my aim guess for the first bottoming out 20% loss with a recovery would be livable.

235 would be the next level and if it breaks that then this whole thing is going to shit, bottoming out here would be the last resort before everyone really starts panicking.